2Climate Change & Environment
includes a tax hike for u.s. households making for than $250,000 a year. joe biden is at the capitol to brief democrats and there's a possibility the senate could vote tonight. the major remaining issue is how to make budget cuts. >> taxes will go up and the united states will ring in the new year by going over the fiscal cliff. it would increase the state tax, bring back higher tax rates on owners. >> our most immediate priority is to stop taxes going u pstarting tomorrow. i think that is a modest goal we can accomplish. >> reporter: they wanted taxes to go up on couples making $250,000. this deal is a concession as it increases on households. >> it has been clearly a g ood- faith negotiation. we all want to protect taxpayers and we can get it done now. >> reporter: a sticking point is a sequester. more than a trillion dollars in social programs, they say that the market needs structure and certainty, not haggling. it could take a hit if the deal falls a part. with higher taxes, california would spend less and tax r eceipts would drop. the loss of $11 billion in revenues in two years.
fiscal cliff. raising taxes on us. lowlowering on corporations. plus a special delivery on christmas day. the bay area family that unexpectly had to do it themselves. >> and back here in just a few minutes. and then more showers. we'll see you back here. hey, look! a shooting star! make a wish! i wish we could lie here forever. i wish this test drive was over, so we could head back to the dealership. [ male announcer ] it's practically yours. test drive! but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a jetta. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. >>> it's a noisy job but crews are up to the task. many people need to dispose of their tree. free curb side collection will be offered january 2 through the 15 15th on regular trash days. they turn trees into chips that will be converted into boiler fuel. >>> an arrest in a three month old homicide case. was found shot to death at the bay point housing developmen
they ask you to contact san francisco police >>> as this pushes up to the fiscal cliff, tax payers are saying their frustrating. how much a fall over the cliff could cost you. >> for more and more americans, the fiscal cliff is being used as a failure of government. >> i weigh i figure theépñ on vacation, they don't care. >> i don't think that there ever going to come to an agreement. both parties are so far apart, there's no common ground. >> if you make between $50,000 a year, it goes up. if you make 75 to $100, you'll pay $142 per weekly paycheck. most employers will wait and deduct at the current rate but you'll get slammed with higher rates. >> if they're supposed to be public servants and we can't get a compromise and some is with the right ideology. >> it seems like you're not being represented. you have interest that are overriding the people's concerns and i think that's an example of what happens in congress. >> the tax policy centers say the lowest income folks will see their take home paycheck shrink by 3.5% and average 4% and top earn ers about 6% but that says nothing o
class from a tax hike. >> reporter: following the high stakes meeting on friday, senate appears to be poise. >> we will work hard to see if we can get there in the next 24 hours. i am hopeful and optimistic. >> i will do everything that i can. i am confident senator will do the same. but everybody, whatever we come up with will be imperfect. some people aren't going to like it. some people will like it less but that is where we are. >> reporter: accept at majority leader reid called senate not to meet on saturday while leaders negotiate. boehner said he will not bring anything in the house unless it passes senate. if it fails to pass, every american will see a tax rate increase and unemployment benefits will go away. >> ordinary people do their jobs, meet deadlines, they sit down and discuss things and then things happen. if there are disagreements they sort through the disagreements. the in addition that our elected leadership can not do the same thing is mind boggling to them. and it needs to stop. >> reporter: in washington,. >>> on wall street, stocks went lower for a 5th day.
Fetching more results